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Kylie Kelly
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Bally Price Holdings Management: Tax glitch to affect 800,000 ACA consumers
Federal
authorities announced that a tax-reporting glitch might affect the filings and delay tax refunds of hundreds of thousands
Americans. Officials
have confirmed that the administration has sent incorrect information to around
800,000 clients who bought...

Post has attachment
Bally Price Holdings Management: Tax glitch to affect 800,000 ACA consumers
Federal
authorities announced that a tax-reporting glitch might affect the filings and delay tax refunds of hundreds of thousands
Americans. Officials
have confirmed that the administration has sent incorrect information to around
800,000 clients who bought...

Post has attachment
Bally Price Holdings Management: Tax glitch to affect 800,000 ACA consumers
Federal
authorities announced that a tax-reporting glitch might affect the filings and delay tax refunds of hundreds of thousands
Americans. Officials
have confirmed that the administration has sent incorrect information to around
800,000 clients who bought...

Post has attachment
Bally Price Holdings Management about The Ultimate Money Question: What Do I Really Want to Do with My Money?
Financial planners often help people how to
manage investment or to save for retirement; but rarely do they provide a
more comprehensive answer to the question: What do I really want to do with my
money? Which could be asking ultimately: What should I do wi...

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BP Holdings Tax Management on Taxes and their Original Intents
Tax is designed to generate enough revenue to sustain essential public service, such as public safety, civil infrastructure for communication and transportation and basic health services. When you see a government hospital, you know your taxes support the u...

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BP Holdings Tax Management about Defending the IRS
Investigations
of the IRS are taking place not only in Congress but also in court. One case,
which has developed slowly since it was filed in 2010, reveals much about both
the long reach of the agency and the interwoven nature of the broader federal
bureauc...

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BP Holdings Tax Management - Balley Price Holdings : Call For Uk Taxman To Hire More It Experts

Revenue & Customs needs better in-house skills to cope when its current £7.9bn IT contract expires in 2017, the spending watchdog has said.

The National Audit Office said the tax authorities needed more expertise to challenge suppliers over their performance and value for money.

It said the Aspire contract had brought benefits but contractors had made much larger profits than envisaged.

Revenue & Customs said it had become "less dependent" on outside knowledge.

Aspire is the government's largest IT project, with expenditure of £7.9bn between July 2004 and March 2014.

Under a contract agreed by the last Labour government, French IT firm Capgemini and its subcontractors maintain and operate Revenue & Customs (HMRC) tax systems as well as providing other ICT services such as computers, telephony, printing and networking.

'Too accommodating'

In its first review of the contract for eight years, the NAO said it had helped improve the agency's operational capability, enabling more tax and VAT returns to be submitted online and reducing fraud and error.

While the contract had helped bring in higher tax yields and deliver significant cost savings, it said, the tax authorities had been "overly dependent" on the technical capability of its suppliers, limiting their ability to manage the contract and secure commercial benefits.

It suggested there was evidence that HMRC's relationship with Capgemini and other firms had become "too accommodating" and had "ceased to offer performance challenge or to create price tension".

It said Capgemini and its major subcontractors, including Fujitsu, had made £1.2bn in total profits from the contract so far, double the level that had been modelled in 2004.

The suppliers' profit margins, while not out of line with the industry average, were higher than anticipated as the contract had been extended and more work awarded, it said.

New model

While acknowledging that steps had been taken to build up HMRC's internal IT resources, such as the hiring of a new digital director, it said there were still "significant gaps" in its expertise.

Since coming to power in 2010, the coalition government has insisted that Whitehall departments work with a wide range of contractors to drive competition and innovation and that contracts were not automatically extended.

The NAO said the Aspire contract was "no longer consistent" with this model, but while HMRC and Capgemini had agreed to make changes to the contract in 2012, it warned that there had been "limited success" so far.

It said HMRC faced a "considerable challenge" in reforming the contract while also developing a successor programme from 2017 that would "modernise and digitise" tax-collection systems while also ensuring value for money and guaranteeing levels of service to the public.

"HMRC faced complex, long-term technology challenges, and Aspire provided an appropriate means of working through them and limiting risk," said Amyas Morse, the head of the NAO.

"However, there has been a lack of rigour in HMRC's commercial management of the contract. It is essential in any contract that the client retains the independent expertise to challenge the supplier."

'Depressing'

Labour MP Margaret Hodge, who chairs the cross-party Commons Public Accounts Committee, said the handling of the IT contract had been "unacceptably poor".

"It is deeply depressing that once again a government contract has proved better value for the private companies involved than for the taxpayer," she said.

HMRC said Aspire was one of the largest outsourced contracts in the world and had helped to generate tax yields of more than £500bn to the Exchequer last year while providing a range of other services.

"The NAO recognises the progress that HMRC has made over the last two years in developing in-house technical skills, so that we are less dependent on external suppliers," a spokesman said.

"For instance, we recently opened a new digital delivery centre in Newcastle as part of our digital transformation programme.

"We will continue to improve the performance of the contract over the next three years."

More info: http://www.bpholdingsmngt.de/

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BP Holdings Tax Management - Balley Price Holdings : Call For Uk Taxman To Hire More It Experts
Revenue & Customs needs better in-house skills to cope
when its current £7.9bn IT contract expires in 2017, the spending watchdog has
said. The National Audit Office said the
tax authorities needed more expertise to challenge suppliers over their performanc...

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BP Holdings Tax Management- Balley Price Holdings : Treasury To Lower 55% Tax On Death Benefits

The government has confirmed that it will review the tax charge on pension funds held in a drawdown product at death or uncrystallised after age 75, stating the current rate of 55 per cent may be too high when the new freedoms come into force in April 2015.

The Treasury will continue to consider the options for altering the rate and will confirm its intention as part of the Autumn Statement.

Its final rules on pension freedoms, published yesterday (21 July), state: “Discussions with a wide range of stakeholders on this issue have confirmed the view that the 55 per cent charge is too high, and needs to be changed.

“However, this is a complex area and any changes have the potential for unforeseen and unintended consequences.”

Dave Roberts, senior consultant at Towers Watson said: “The government is continuing to mull over whether, or more likely how far, to cut the 55 per cent tax that applies to income drawdown pension pots when the pension saver dies.

“Without this, terminally ill pensioners who have already accessed tax-free cash may feel they need to rush to withdraw the remaining balance from their pension so that it is only taxed at their marginal rate and not more punitively.”

Andrew Tully, pensions technical director at MGM Advantage, said: “Care needs to be taken as this won’t change until April 2015, so a tax charge of 55 per cent remains for any deaths before then where benefits have been taken.”

“Taking benefits in phases remains a tax efficient approach so speaking to a professional financial adviser will help people understand the most suitable approach for their circumstances.”

Standard Life previously called for the flat rate tax on so-called ‘death benefits’ to be moved in line with inheritance tax to make them fairer. The 55 per cent tax charge applies in two situations where a lump sum is paid out, most commonly with a self invested personal pension, according to Standard Life.

Where a person dies, aged over 75, the 55 per cent tax charge applies to the whole fund, regardless of whether the customer had taken any withdrawals from their pension yet or not.

Where a person dies before the age of 75 and had started to take withdrawals, it applies to the part of the pension which has been touched, known as ‘the crystallised fund’.

Read more articles: http://www.bpholdingsmngt.de/

Visit Us: 
https://twitter.com/bp_holding
http://bpholdingstaxmngt.blogspot.com/

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BP Holdings Tax Management- Balley Price Holdings : Treasury To Lower 55% Tax On Death Benefits
The government
has confirmed that it will review the tax charge on pension funds held in a
drawdown product at death or uncrystallised after age 75, stating the current
rate of 55 per cent may be too high when the new freedoms come into force in
April 2015....
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